Intellectual Property (IP) Waterproofing., page-8

IP is never absolute. The approach we have taken is to create a thicket of IP around bisantrene that will make it very difficult for someone to use bisantrene without infringing our IP. We have 5 granted US patents already around the use of bisantrene and we will have many more patents and patent application around formulation, manufacturing and the use of bisantrene before we reach a final commercial deal. We also have a lot of IP that we haven't spoken about publicly to add to the thicket.

We have not had any major concerns raised by sophisticated investors around our IP position in recent times. Apart from the minor fact that we already do have institutional and professional investors on the register, the perceived lack of institutional investors is purely due to us not having raised capital via a standard placement process in many years. Institutional investors in Australia do not typically buy into a new illiquid company except via a raise - to put it bluntly buying on market is for retail.

I am not sure why so many of you are obsessed with us bringing more institutional investors onto the register as it won't be good for the average retail investor based on my personal experience. Unlike retail investors, institutional investors have to "follow the herd" and sell when the market is down and buy when the market is up. They get to put money in at a discount and get to sell their cheap shares to you for a quick profit. I am not opposed to having more institutional investors as they can be an essential source of capital, but they are not the solution to a lagging SP.